About a third of American workers lack access to a retirement plan through their employer. A recent report by the National Institute on Retirement Security shows that the median retirement account balance for all working-age households in the United States is only $2,500.

State Senator Jaqueline Collins and Representative Arthur Turner sponsored SB1440 because, as more seniors are applying for reverse mortgages, the need for consumer protections has become undeniable. Seniors are more at risk of being victims of financial exploitation.